EOH has announced sweeping changes to its leadership structures, including that its executive chair has stepped down, as the group’s investors look to revamp operations.
The misfortunes of the former JSE darling, whose shares once fetched R111 and are now trading at about 150c, are well known.
On Friday, the technology group said Andrew Mthembu had resigned as a director as well as from his role as executive chair and interim CEO.
In addition, Fatima Newman has stepped down as an executive director but will remain in her capacity as the CEO of EOH’s EasyHQ unit. Bharti Harie, another board member, has resigned as an independent non-executive director.
Earlier in May, EOH hinted there may be boardroom changes, telling shareholders that it had been “approached by certain shareholders regarding the succession plan for the board”.
“The board is engaging further with the shareholders. Pending further announcements, shareholders are advised to exercise caution when dealing in EOH securities,” it said at the time.
As such, the board said it had considered the proposed appointment of the candidates in accordance with its policies.
The following directors have been appointed to the board: Marius de la Rey as interim CEO; Veronica Motloutsi as independent non-executive director; Dennis Venter as non-independent non-executive director; and Rhys Summerton as non-independent non-executive director.
There was little reaction to the news on the markets, with EOH shares trading 0.66% firmer at R1.52 at 2pm on Friday. The share price has, however, gained 30% over the past month.
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